Shiba Inu Sees 11.3% Weekly Gain Amid Whale Accumulation

Shiba Inu (SHIB) has emerged as a notable performer in the current cryptocurrency market cycle, with several analysts predicting a significant trend reversal. Despite recent price movements not reflecting explosive growth, the asset is seen as poised for a major shift.

Crypto analyst Cantonese Cat, known for his extensive social media following, recently noted that the sell pressure on Shiba Inu has significantly decreased. He suggested that the bearish trend, which has suppressed SHIB’s price for months, could soon be broken with minimal upward momentum from buyers. Cantonese Cat emphasized that current market activity indicates holders are not selling their positions, pointing to low sell-side volume.

Shiba Inu has been in a prolonged downtrend since March 2024, losing approximately 77% of its value, from a high of $0.000045 to a low of $0.00001004. Despite intermittent recovery attempts, bearish resistance consistently overpowered bullish momentum, pushing the token dangerously close to losing another decimal point.

Analysts now suggest that conditions may be aligning in favor of a stronger price recovery, especially given recent patterns in whale accumulation. On July 10, on-chain data showed that major Shiba Inu holders, those controlling at least 0.1% of the total supply, purchased 1.81 trillion SHIB tokens. This represented a 422% increase in accumulation compared to the previous day and an astonishing 1,247% rise from one month earlier. This surge in buying coincided with SHIB surpassing the $0.000013 threshold for the first time in nearly a month. Even though 1.28 trillion SHIB was withdrawn from large wallets the same day, the net inflow remains positive, suggesting ongoing accumulation.

Currently, SHIB is trading at $0.00001364, reflecting an 11.3% gain over the past week. Despite reaching a monthly high, several market participants argue that SHIB’s price still does not reflect its potential value.

Although Cantonese Cat did not provide a specific price target for Shiba Inu, other analysts have offered projections. SHIB Spain, a notable community figure, shared a chart indicating that SHIB could soon break past $0.000018. He further suggested that long-term growth could take SHIB toward the $0.0001 mark. Meanwhile, technical analyst Crypto Candy described SHIB’s current chart as bullish and identified several price milestones. His short-term objective is $0.00001718, with a mid-range target at $0.00002502. Should momentum persist, he anticipates a potential move back to December 2023’s high of $0.00003324 and possibly beyond.

While optimism among supporters is increasing, not all observers are convinced. Some market participants continue to express doubts about the long-term prospects of meme-based tokens like SHIB. Critics argue that the token’s peak performance may be behind it, and that new investors should remain cautious despite recent gains. Regardless of skepticism, the sharp decline in selling activity, combined with a noticeable surge in whale accumulation, indicates renewed confidence in the asset.